PVS posted Q1 results with revenue of VND2.6tn (USD112mn; -16.9% YoY) and recurring NPAT-MI of VND145bn (USD6.2mn; -28.0% YoY), which were mainly due to a smaller workload for the mechanics and construction (M&C) segment despite resilient profit from the FSO segment. Reported NPAT-MI rose 30.0% YoY from a low base in Q1 2020 when PVS booked VND115bn (USD4.9mn) of provision expenses for the floating oil storage FSO MV12.